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Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000

Description: This quiz covers the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000, which are a set of regulations governing foreign exchange transactions in India.
Number of Questions: 15
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Tags: foreign exchange management foreign exchange regulations indian law
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Which authority is responsible for administering the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000?

  1. Reserve Bank of India

  2. Ministry of Finance

  3. Directorate General of Foreign Trade

  4. Central Board of Direct Taxes


Correct Option: A
Explanation:

The Reserve Bank of India is the authority responsible for administering the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000.

What is the purpose of the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000?

  1. To regulate foreign exchange transactions in India

  2. To promote foreign investment in India

  3. To prevent money laundering and terrorist financing

  4. To stabilize the value of the Indian rupee


Correct Option: A
Explanation:

The purpose of the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000 is to regulate foreign exchange transactions in India.

Which of the following is not a restricted item under the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000?

  1. Gold

  2. Silver

  3. Currency notes

  4. Traveler's cheques


Correct Option: D
Explanation:

Traveler's cheques are not a restricted item under the Foreign Exchange Management (Miscellaneous Provisions) Regulations, 2000.

What is the maximum amount of foreign exchange that a resident individual can remit abroad without prior approval?

  1. $250,000

  2. $500,000

  3. $750,000

  4. $1,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a resident individual can remit abroad without prior approval is $250,000.

What is the maximum amount of foreign exchange that a non-resident individual can remit abroad without prior approval?

  1. $1,000,000

  2. $2,000,000

  3. $3,000,000

  4. $4,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a non-resident individual can remit abroad without prior approval is $1,000,000.

What is the maximum amount of foreign exchange that a company can remit abroad without prior approval?

  1. $5,000,000

  2. $10,000,000

  3. $15,000,000

  4. $20,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a company can remit abroad without prior approval is $5,000,000.

What is the maximum amount of foreign exchange that a partnership firm can remit abroad without prior approval?

  1. $2,500,000

  2. $5,000,000

  3. $7,500,000

  4. $10,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a partnership firm can remit abroad without prior approval is $2,500,000.

What is the maximum amount of foreign exchange that a trust can remit abroad without prior approval?

  1. $1,000,000

  2. $2,000,000

  3. $3,000,000

  4. $4,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a trust can remit abroad without prior approval is $1,000,000.

What is the maximum amount of foreign exchange that a society can remit abroad without prior approval?

  1. $500,000

  2. $1,000,000

  3. $1,500,000

  4. $2,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a society can remit abroad without prior approval is $500,000.

What is the maximum amount of foreign exchange that a cooperative society can remit abroad without prior approval?

  1. $250,000

  2. $500,000

  3. $750,000

  4. $1,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a cooperative society can remit abroad without prior approval is $250,000.

What is the maximum amount of foreign exchange that a local authority can remit abroad without prior approval?

  1. $1,000,000

  2. $2,000,000

  3. $3,000,000

  4. $4,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a local authority can remit abroad without prior approval is $1,000,000.

What is the maximum amount of foreign exchange that a public sector undertaking can remit abroad without prior approval?

  1. $5,000,000

  2. $10,000,000

  3. $15,000,000

  4. $20,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a public sector undertaking can remit abroad without prior approval is $5,000,000.

What is the maximum amount of foreign exchange that a private sector undertaking can remit abroad without prior approval?

  1. $2,500,000

  2. $5,000,000

  3. $7,500,000

  4. $10,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a private sector undertaking can remit abroad without prior approval is $2,500,000.

What is the maximum amount of foreign exchange that a non-profit organization can remit abroad without prior approval?

  1. $1,000,000

  2. $2,000,000

  3. $3,000,000

  4. $4,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a non-profit organization can remit abroad without prior approval is $1,000,000.

What is the maximum amount of foreign exchange that a foreign national can remit abroad without prior approval?

  1. $1,000,000

  2. $2,000,000

  3. $3,000,000

  4. $4,000,000


Correct Option: A
Explanation:

The maximum amount of foreign exchange that a foreign national can remit abroad without prior approval is $1,000,000.

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